Leviathan Gold, via Core Prospecting Pty Ltd. Receives High Grade Assay Results, from Initial Phase of Diamond Drilling at the Excelsior Prospect.
Leviathan Gold, via Core Prospecting Pty Ltd. Receives High Grade Assay Results, from
Initial Phase of Diamond Drilling at the Excelsior Prospect.
• Highlights include 4.85 meters at 9.0 g/t Au (43.66 gram meters) in hole EH014, 3.13
meters at 56.9 g/t Au (178.23 gram meters), in hole EH017 and 12.68 meters at 9.2 g/t
Au, (116.85 gram meters), in hole EH029.
• A total of 1964.65 meters of diamond drilling over 16 holes has been completed by
Core Prospecting Pty Ltd.
• Drilling identifies mineralized dilational zone open ing to the northeast , remain ing
open along strike and depth.
Vancouver, BC – June 25, 2024 - Leviathan Gold Ltd. (“ Leviathan”, the “Company”) (LVX –
TSXV, 0GP – Germany) is pleased to announce receipt of full assay results from an initial phase
of diamond drilling completed at its Excelsior Prospect ( “Excelsior”) pursuant to a Heads of
Agreement entered into between Leviathan and Core Prospecting Pty Ltd (“ Core”) on July 17,
2023 as subsequently amended on January 16, 2023 (“ HOA”). The most prominent intervals
among these results are presented in Table 1, and include 4.85 meters at 9.0 g/t Au (43.66 gram
meters) in hole EH014, 3.13 meters at 56.9 g/t Au (178.23 gram meters), in hole EH017 and 12.68
meters at 9.2 g/t Au, (116.85 gram meters), in hole EH029. Additional drilling will be required to
determine the true thickness of mineralization. Further pursuant to the HOA, Leviathan has
received notification from Core of its intention to commence a second phase of diamond drilling
at Excelsior. Accordingly, as a result of Core completing the initial phase of diamond drilling it
has earned a 40% interest in in a New Tenement to be applied for by Leviathan, subject to the
fulfilment of certain further conditions by Core.
A total of 1964.85 meters of diamond drilling over 16 holes has now been completed by Core in a
series of generally parallel south-eastward and north-westward oriented fans of drill holes designed
to test for continuations of known mineralization (Figure 1).
The purpose of the Core program was to drill beneath and along-structure from intervals previously
reported by Leviathan from Excelsior, which include 8.24 g/t Au over 6.63 meters (54.63 gram
meters), from 161.95 meters in hole EH003 (press release of April 21, 2021) and 5.40 g/t Au over
11.02 meters (59.51 gram meter s), from 84.37 meters in hole EH005 (press release of April 26,
2021). These intervals are believed to represent the down- dip continuation of mineralization
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observed in historic mine workings, and are characterized by intense quartz veining, visible gold,
and enveloping sericitic alteration and base metal sulphides.
Interpretative work on drilling completed to date suggests the presence of a north -eastward
plunging mineralized dilational zone consisting of quartz reef and associated splays in which gold
is hosted in quartz veins. It may be inferred from the results of drilling, most particularly from hole
EH029 that this dilational zone opens to the northeast, in which regard it remains open along strike
and depth. This feature will be the subject of further drill-testing.
Highlights of results to date are provided in Table 1, collar information in Table 2, and full results
in Table 3.
Figure 1: Plan of drilling at the Excelsior Reef
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Figure 2: Oblique section showing drilling and mineralized intervals at the Excelsior Reef
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Table 1: Significant intervals from drilling at the Excelsior Reef, current release
Drill
Hole
From To Interval Au Au
(m) (m) (m) (g/t) (gram meters)
EH014 94.71 99.56 4.85 9.00 43.66
EH014 120.65 122.87 2.22 3.15 6.99
EH014 143 149.22 6.22 3.00 18.65
EH017 121.42 124.55 3.13 56.91 178.13
EH017 130.8 132.85 2.05 4.62 9.45
EH017 148.8 154.8 6 3.50 20.99
EH017 173.65 177 3.35 3.18 10.64
EH029 130.58 143.26 12.68 9.22 116.85
Table 2: Collar data for drilling at the Excelsior Reef
Hole ID Easting
(MGA 2020 Z54)
Northing
(MGA 2020 Z54)
Elevation
(m)
Azimuth
(°)
Inclination
(°)
Depth
(m)
EH014 726,205 5,899,560 235.8 150 -70 161.9
EH015 726,205 5,899,560 235.8 188 -65 140.9
EH016 726,205 5,899,560 235.8 133 -69 210
EH017 726,205 5,899,560 235.8 142 -75 184
EH018 726,180 5,899,400 239.8 334 -35 98
EH019 726,180 5,899,400 239.8 334 -51 149.7
EH020 726,180 5,899,400 239.8 334 -61 101.2
EH021 726,212 5,899,416 239.8 334 -36 74.45
EH022 726,212 5,899,416 239.8 336 -51 113.1
EH023 726,212 5,899,416 239.8 339 -62 110.8
EH024 726,223 5,899,438 239.8 331 -35 74.4
EH025 726,223 5,899,438 239.8 333 -52 39.8
EH026 726,223 5,899,438 239 332 -55 145
EH027 726,253 5,899,446 238.2 333 -36 110
EH028 726,253 5,899,446 238.2 334 -62 165
EH029 726,253 5,899,446 238.2 332 -64 155
*coordinates are in MGA2020 Z54, azimuths are referenced to grid north and inclinations are zero when horizontal
and -90 when vertical true..
Excelsior lies within the Company’s Avoca Project in the Victorian Goldfields, Australia . As a
preliminary component of the HOA Core, a private small -scale mining contractor based in
Bendigo, earned an initial 40% interest in a New Tenement covering a three-square kilometre area
within EL5387 to be applied for by Leviathan by completing, at its sole cost, 2,000 meters of
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diamond drilling including assays by April 17, 2024, subject to the fulfilment of certain further
conditions by Core.
Leviathan Gold Chief Executive Officer, Luke Norman, remarked: “We are delighted by the
success of Core Prospecting’s Phase 1 program at Excelsior, and the potential for depth and strike
extensions to known high-grade mineralization returned by our own drilling that this now reveals.
This campaign provides Leviathan with the oppor tunity to define a high-grade gold deposit of
significance, of particular interest and relevance given the recent success of others in Victorian
gold exploration. We thank Core for their considerable efforts to date and look forward to working
with their highly skilled team as this program continues to evolve.
About the HOA
Under the terms of the HOA, Core may earn an initial 40% interest in a three square kilometre
area within EL5387 (the Excelsior Area of Interest, or “AOI”) by completing, at Core’s sole cost
and expense, 2,000 mete rs of diamond drilling including assays by April 17, 2024 (“Phase 1”),
and a further 35% interest in the AOI for an additional 4,000 meters of diamond drilling including
assays and preparing an independent JORC report (the “JORC Report”) identifying an Indicated
and/or Measured Mineral Resource within 12 months from the end of Phase 1, each at Core’s sole
cost and expense (“ Phase 2 ”). In lieu of completing such further drilling, Core may instead
prepare, at its sole cost and expense, a JORC report containing Indicated and/or Measured Mineral
Resources of not less than 50,000 ounces of gold at a cut -off grade of 2.5g/t Au within the AOI.
Upon fulfilment of certain conditions by Core, Leviathan shall on behalf of Core apply for a
standalone tenure over the AOI, (the “ New Tenement”). If Core fails to complete Phase 2 they
shall forfeit any interest under Phase 1 and shall have no interest in the AOI.
Upon Core having attained a 75% equity interest in the AOI, Leviathan may either contribute its
share of costs and maintain its equity interest or be diluted pro-rata to a minimum carried interest
of 5%, which Core shall purchase from Leviathan for the sum of AUD$150 per ounce of Indicated
and/or Measured Mineral Resource s as estimated in the JORC Report, payable upon
commencement of gold production. Alternatively, Core may, within 12 months of the completion
of Phase 2, purchase Leviathan’s holding in the AOI for the sum of AUD$75 per ounce of Indicated
and/or Measured Mineral Resources in the JORC Report, or Core may within 12 months of the
completion of Phase 2 purchase Leviathan’s holding in the Excelsior AOI by paying instalments
of AUD$25,000 per quarter, increasing to AUD$75,000 per quarter, commencing from the date
on which a New Tenement is granted and continuing for the life of any gold production mine
located within the area of the AOI.
The HOA also provides that Leviathan may , subject to Core first completing Phase 1, claw back
Core’s equity stake in the AOI for the sum of AUD$500 per meter drilled, or after receipt of the
JORC Report for AUD$150 per ounce of gold mineralisation estimated and classified as an
Indicated Mineral Resource and/or a Measured Mineral Resource in the JORC Report.
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About the Excelsior Prospect
The Excelsior prospect is interpreted to host structurally controlled gold mineralization developed
within quartz veins. Historic production records from Excelsior indicate the mining of 13,200 tons
for 9,260 ounces of gold down an ore shoot to a depth of 100 meters at an average recovered grade
of 22 g/t Au between 1909 and 19151, with said mineralization open to depth and along strike . A
total of 1,917 meters in 11 holes have been drilled at Excelsior by Leviathan to date.
Qualified Person and Data Verification
The technical content of this news release has been reviewed, verified and approved by Keith
Whitehouse, MAusIMM (CP Geol), MAICD, Exploration Manager of Leviathan Gold (Australia)
Pty. Ltd., a qualified person as defined by NI 43-101.
Drilling was carried out by Core using their equipment, and all core was drilled at NQ size.
Average core recovery for the program was 96.6%. Drill core was cut in half by Core using a
diamond saw, with one half of the core then taken as a sample for analysis. Samples were sawn
along the bottom of hole orientation line, or if none present a consistent cutline as marked by the
logging geologist. Sample intervals were generally between 10 and 150 centimetres , producing
samples of between 0.27 to 4.0 kg. Sampl es were delivered to On Site Laboratory Services (Pty)
Ltd (“ On Site ”), in Bendigo, Victoria. The samples were coarse crushed to P80 <2mm using
industry standard Boyd crushers with a 1kg sub-sample being packed into standard containers for
assay using a Chrysos Corporation Photon Assay analyser, lab method code PAAU02. Regular
crush duplicates were generated and reported by the laboratory together with regular replicate
results of the primary sample. Replicate results were provided for 100% of gold grades greater
than 10 g/t and more than 85% of grades greater than 5 g/t. Core routinely inserted Photon Assay
certified geochemical standards and blanks together with samples flagged for coarse crush
duplicate-sampling into the drill core sample stream as part of a documented Quality
Assurance/Quality Control ( “QAQC”) process to monitor laboratory performance. During the
drilling program QAQC material was inserted into every sample batch at the following average
rates per primary sample: crush duplicates 1 in 30; basalt blanks 1 in 30; certified reference
material 1 in 30. QAQC sampling was considered to provide acceptable results. Sample grades
were checked against recovery percentage for potential bias; no discernible high- or low-grade
bias was observed.
On behalf of the Company,
Luke Norman, Chief Executive Officer and Director
For further information please visit the Company website www.leviathangold.com or contact:
1 GeoVic (2020) https://earthresources.vic.gov.au/geology-exploration/maps-reports-data
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Adam Ross, Investor Relations,
Direct: (604) 229-9445
Toll Free: 1(833) 923-3334
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. No securities regulatory authority has either approval or disapproved of the contents
of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States . The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is
available.
Forward-Looking Statements
Information set forth in this news release contains forward -looking statements that are based on
assumptions as of the date of this news release, including with respect to geological prospects of
Leviathan’s mineral projects, planned exploration activities, success of exploration activities, the
relevance of historical information, the continuation of mineralization , the relevance of
comparable projects, the timing of exploration activities, general business and economic
conditions; that applicable approval s are obtained; that qualified workers, financing, permits,
approvals, and equipment are obtained in a timely manner; that market conditions continue; that
contractual counterparties perform their obligations as required; and that Leviathan is able to locate
sufficient financing for favourable ongoing operations . These statements reflect management's
current estimates, beliefs, intentions and expectations. They are not guarantees of future
performance. Leviathan cautions that all forward looking statements are inherently uncertain and
that actual performance may be affected by many material factors, many of which are beyond
Leviathan’s control. Such factors include, among other things: risks and uncertainties relating to
whether exploration activities will result in commercially viable quantities of mineralized
materials; the possibility of changes to project parameters as plans continue to be refined; the
ability to execute planned exploration and future drilling programs ;COVID-19; the ability to
obtain qualified workers, financing, permits, approvals, and equipment in a timely manner or at all
and on reasonable terms; changes in the commodity and securities markets; non- performance by
contractual counterparties; and general business and economic conditions, Accordingly, actual and
future events, conditions and results may differ materially from the estimates, beliefs, intentions
and expectations expressed or implied in the forward- looking information. Although Leviathan
has attempted to identify important risks and factors that could cause actual actions, events or
results to differ materially from those described in forward-looking statements, there may be other
factors and risks that cause actions, events or results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such forward- looking statements. In
addition, all forward- looking statements in this press release are given as of the date hereof.
Leviathan disclaims any intention or obligation to update or revise any forward -looking
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statements, whether as a result of new information, future events or otherwise, save and except as
may be required by applicable securities laws. The forward -looking statements contained herein
are expressly qualified by this disclaimer.
Table 3: Full results by sample interval of drilling at the Excelsior Reef
Hole_ID From
(m)
To
(m)
Interval
(m)
Sample
Type SampleID Au
(g/t)
EH014 81.2 81.4 0.2 HC CP1201 3.13
EH014 81.4 81.55 0.15 HC CP1202 0.77
EH014 81.55 81.75 0.2 HC CP1203 0.95
EH014 94.71 95.01 0.3 HC CP1205 0.56
EH014 95.01 95.16 0.15 HC CP1206 21.8
EH014 95.16 95.9 0.74 HC CP1207 0.69
EH014 95.9 96.16 0.26 HC CP1208 1.76
EH014 96.16 96.31 0.15 HC CP1209 35.7
EH014 96.31 96.65 0.34 HC CP1210 21.2
EH014 96.65 97.25 0.6 HC CP1211 12.8
EH014 97.25 97.51 0.26 HC CP1213 51.4
EH014 97.51 98 0.49 HC CP1214 7.52
EH014 98 98.44 0.44 HC CP1215 0.08
EH014 98.44 98.91 0.47 HC CP1216 0.48
EH014 98.91 99.13 0.22 HC CP1217 0.14
EH014 99.13 99.56 0.43 HC CP1218 3.88
EH014 103.14 103.43 0.29 HC CP1219 0.05
EH014 103.43 103.87 0.44 HC CP1220 0.19
EH014 103.87 104.29 0.42 HC CP1221 1.41
EH014 104.29 104.54 0.25 HC CP1222 0.25
EH014 104.54 105.43 0.89 HC CP1223 0.05
EH014 105.43 106.11 0.68 HC CP1224 0.29
EH014 106.11 106.73 0.62 HC CP1225 0.16
EH014 106.73 107.05 0.32 HC CP1226 0.57
EH014 107.05 107.34 0.29 HC CP1227 0.19
EH014 113.6 113.85 0.25 HC CP1228 0.06
EH014 113.85 114.28 0.43 HC CP1229 0.22
EH014 114.28 115 0.72 HC CP1230 1.75
EH014 115 115.3 0.3 HC CP1231 0.26
EH014 115.3 115.59 0.29 HC CP1232 0.05
EH014 115.59 115.69 0.1 HC CP1233 0.14
EH014 115.69 116 0.31 HC CP1234 0.04
EH014 117.61 117.9 0.29 HC CP1235 0.04
EH014 117.9 118.32 0.42 HC CP1236 0.2
EH014 118.32 118.48 0.16 HC CP1237 0.3
EH014 118.48 118.62 0.14 HC CP1238 0.03
EH014 118.62 119.45 0.83 HC CP1239 0.05
EH014 119.45 120 0.55 HC CP1240 0.97